Your redundancy rights as a limited company director

(19)

Your redundancy rights as a limited company director

Your redundancy rights as a limited company director

13 Sep, 2024

There’s a common misconception that as a limited company director, you’re not entitled to statutory payments if your business closes, as an employee would be.  As a limited company director, you are technically employed by your limited company, and therefore, treated accordingly when it comes to statutory payments, such as..

Continue Reading

Planning your finances after liquidating a limited company

Planning your finances after liquidating a limited company

13 Sep, 2024

The run-up to liquidating a limited company can be taxing, from financial uncertainty, creditor pressure and threats of legal action, navigating a business in distress is a challenge not for the fainthearted. As the director of a limited company, it’s your responsibility to act in the best interests of creditors...

Continue Reading

Calculating Holiday Pay for Permanent Part Year Workers

21 Jul, 2022

Supreme Court Decision handed down The judgment in Harpur Trust v Brazel has been delivered by the Supreme Court with the Supreme Court dismissing Harpur Trust’s appeal. This will have significant implications for employers with staff working part of the year on permanent contracts who have their holiday entitlement pro-rated..

Continue Reading

Temporary Insolvency Measures Are Ending

19 May, 2022

The Corporate Insolvency and Governance Act 2020 introduced various measures to help protect companies, which were impacted by  the lockdown restrictions during the Covid-19 pandemic. The majority of these measures expired between June and September 2021, except for restrictions on winding up companies, which extended until 31 March 2022. The..

Continue Reading

Weekly Statutory Redundancy Pay Increased

19 May, 2022

With effect from 6 April 2022 the statutory maximum amount per week is capped at £571. If you were made redundant before 6 April 2022, these amounts will be lower. A copy of a guidance in explaining your redundancy payments can be found at the following website https://www.gov.uk/government/publications/redundancy-payments-from-the-insolvency-service/explaining-your-redundancy-payment

Continue Reading

Redundancy Payments Service Update

26 Apr, 2022

RPS Policy regarding offset of overdrawn Directors Loan Account balances   The basis for the RPS approach is contained in Rules 14.24 (Administration) and 14.25 (Liquidation) of the Insolvency Rules 2016.  This rule requires the RPS to set off payments due from the directors/employees to the company against sums that..

Continue Reading

Chancellor’s 2022 Spring Statement

24 Mar, 2022

The Chancellor made his annual Spring Statement speech yesterday where he set out the Government’s tax plan to support the UK economy, businesses and families in both the short and the medium term. Key measures the Chancellor announced as part of the plan include: an increase to the National Insurance..

Continue Reading